SINGAPORE — To further reduce consumer harm caused by volatile cryptocurrency investments, the Monetary Authority of Singapore is considering implementing measures such as customer suitability tests and restricting the use of credit facilities for cryptocurrency trading.
The developments, which followed the collapse Terra and its sister token Luna at the start of the year, raised questions on how consumers can be better protected. “It is very risky for the public to put their monies in such cryptocurrencies, as the perceived valuation of these cryptocurrencies could plummet rapidly when sentiments shift. We have seen this happen repeatedly,” he said.services at public spaces, which led to the dismantling of Bitcoin Automated Teller Machines and the removal of advertisements.by the authorities, surveys have shown that consumers are increasingly trading in the volatile coins, in line with global trends, he said.
“These may include customer suitability tests and restricting the use of leverage and credit facilities for cryptocurrency trading,” he said. First is global cooperation, which is important to minimise regulatory arbitrage, given that cryptocurrency transactions can be conducted from anywhere around the world.
He stressed that the tough stance against cryptocurrency trading does not contradict MAS’ facilitative posture on digital asset activities and crypto technologies in general.
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